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NAIFA GovTalk
The Advocacy Newsletter of the National Association of Insurance and Financial Advisors

• Words to the Wise: How Not to Be a Freeloader by former NAIFA President Thomas Wolff, CLU, ChFC
  Since the recent passing of former NAIFA President, Thomas Wolff, CLU, ChFC, NAIFA’s Advisor Today team found the following article he wrote in 2005 about the importance of growing membership and being politically involved.
• CMS Issues Agent Compensation Requirements for Medicare Advantage & Prescription Drug Programs
  In a second round of rulemaking since September, the Centers for Medicare & Medicaid Services (CMS) has revised requirements for how Medicare Advantage and Medicare prescription drug plans can compensate sales and marketing agents.
• NAIFA Members and Clients Have a Lot of Tax Incentives on the Line
  On November 6, Congress' Joint Committee on Taxation (JCT) released its annual tax expenditure report. The report calculates the tax expenditure value of federal tax exclusions, exemptions, deductions, and deferrals for the period 2008-12.
• State Election Results Shift Power to Democratic Insurance Commissioners
  2008 was a very active election year at the state level. Almost 80 percent of the 7,382 legislative seats were part of this year's campaigns. Only six states did not hold elections for legislatures: AL, LA, MD, MS, NJ and VA. Also in the mix were 11 governor's seats, the fate of 10 insurance commissioners, several attorneys general and a number of Supreme Court justices.
• Baucus Brings Back Mandates
  On November 12, Senate Finance Chairman Max Baucus unveiled his proposal "Call to Action: Health Care Reform 2009" for overhauling the nation's healthcare system.
• Treasury Says Insurers Can Participate in TARP if They Have Federal Regulator
  The Treasury Department announced it will allow insurers to participate in the Troubled Assets Relief Program (TARP) if they have a federal regulator. Eligible insurers are those that have a thrift charter or a bank holding company charter as part of their business structure.
• Positioning NAIFA Members for the Challenges of the 111th Congress
  NAIFA's ability to impact favorably legislative and regulatory issues that affect the business of NAIFA members and their clients rests directly on the strengths of the NAIFA federation's two premier political programs; Grassroots/APIC and IFAPAC.
• Insurance and Financial Services Regulation Committees Face Many Challenges in the Next Congress
  The current state of financial market crisis in this country and around the world has led many policymakers to question the current regulatory structure governing all financial institutions.
• Key Committees Exercise Jurisdiction Over Tax Issues
  Democrats have significantly expanded their majorities in the House and in the Senate and, as a result, will likely increase their majorities in the House Ways and Means Committee and the Senate Finance Committee.
• Insurance Agent and Financial Advisors Assess Election’s Impact on Key Legislative Issues
  With the November 4 elections fading in the rearview mirror, the process of assessing the impact of those elections on the near and long-term fate of government policies critical to the business interests of NAIFA members begins in earnest.
• FTC Postpones Identity Theft "Red Flag" Rules Until May 2009
  The Federal Trade Commission has delayed the enforcement date of its "Red Flag" identify theft regulations until May 1, 2009. As reported in the October 3, 2008 GovTalk, the regulations had been scheduled to go into effect on November 1.
• NAIFA's Bill Anderson Elected Vice President of NIPR
  NAIFA Senior Vice President of State Government Relations Bill Anderson was voted Vice President of the National Insurance Producer Registry (NIPR) at a recently concluded NIPR Board meeting.
• Insurance Carrier Participation in the Troubled Asset Relief Program (TARP)
  The Department of Treasury recently began preliminary discussions with insurers about inclusion in programs established by the Emergency Economic Stabilization Act.
• NAIFA, ACLI and NAVA, Inc. to Partner
  The Annuity Initiative Advocacy Plan is a coordinated program by NAIFA, the ACLI and NAVA, Inc. with the primary objective of ensuring that consumers feel confident that their annuity purchase is based on complete easy-to-read information and suitable recommendations from producers who are properly credentialed professionals.
• House Financial Services Committee Discusses Regulatory Reform
  The U.S. House Financial Services Committee held a hearing on October 21, 2008 to examine the need for broad changes to the regulatory structure of the financial services sector.
• Congress Focusing on 401(k) and Other Pension Rules
  Key members of Congress are laying the groundwork that could lead to enactment of legislation designed to protect workers' retirement savings held in 401(k) and other retirement plans.
• NAIFA Government Relations Staff Announces Restructuring, Promotions
  As part of the continuing effort to build out NAIFA's Government Relations operation, on September 29, it was announced that the Government Relations department is being divided into two parts; Federal Government Relations and State Government Relations.
• Senators Offer Health Benefits Disclosure Discussion Draft
  On October 7, the Senate’s two lead tax writers--Senators Max Baucus (D-MT) and Charles Grassley (R-IA), chairman and ranking member respectively of the Senate Finance Committee--released a discussion draft of legislation that would require employers to report on their workers' W-2 forms the amount the employer pays for their health insurance.
• House Education and Labor Committee Holds Hearing Examining Losses to Retirement Savings
  The U.S. House Committee on Education and Labor held a hearing on October 7, 2008 to assess at the effect of the current financial market turmoil on the retirement savings of American workers.
• NAIFA Encourages In-District Meetings with Federal Legislators During Congressional Recess
  With Congress recessing after a tumultuous two weeks, Senators and Representatives are headed home to campaign. To remind elected officials about the vital role NAIFA members and insurance products play in the U.S. economy, we are asking you to seek opportunities to speak face-to-face with your Senators and/or Representative.
• SEC Reopens Comment Period on Proposed Rule 151A
  The SEC announced on October 10 that it was reopening for 30 days the period for the public to submit comments on proposed Rule 151A, which would classify most indexed annuities as securities.
• Update: New Laws Affecting Group Health Insurance
  Mental Health Parity and Sick Student Coverage were included in the Emergency Economic Stabilization Act signed into law on October 3.
• House Oversight Committee Holds Hearing on AIG Bailout
  On October 7, the House Oversight and Government Reform Committee (Chairman Henry Waxman, D-CA) held its second in a series of five hearings on the current financial crisis. The hearing, which focused on the collapse of AIG, was designed to investigate "corporate greed and regulatory voids."
• Economic Stabilization Legislations Also Includes Tax and Health Provisions
  With all the notoriety focused on the so-called "bailout" bill it may have escaped notice that the p